Discussion in 'Economy' started by Youngdan, Nov 5, 2017.
A month is a long time, when dealing with a bubble.
Very true - and what the CE of JP Morgan said is not very re-assuring, i.e. Bitcoin is a fraud. Here is more info on the CME launch. Of course, if anything were to go amiss with that, it would be curtains for Bitcoin.
CME Group Announces Launch of Bitcoin Futures
Tue Oct 31 2017
CHICAGO, Oct. 31, 2017 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced it intends to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods.
The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME.
CME Group Announces Launch of Bitcoin Futures
And of course this will have a huge multiplying effect on what is even now fantastically speculator y security
I'm coming round to the opinion of the Chief Executive of JP Morgan when he said in September that Bitcoin is a fraud. Now Bitcoin itself is producing clones that can produce as much coins as they want.
Bitcoin drops from record after upgrade called off, but offshoot 'bitcoin cash' surges more than 30%
Bitcoin Gold: What to Know About the Blockchain's Next Split - CoinDesk
I saw bitcoin over 7500 but not much higher. It is down now at 6721. It could spurt higher, anything is possible. But as you say, bitcoin is not unique, afaik anyway. I would love to see it wipeout. It would be an exiting event.
Some messing going on here, but Bitcoin looks good now for a long - just from a technical point of view. I think I'll take a small position long. Stop just below that trendline.
Bitcoin rival doubles in price in four days as Bitcoin price slumps
Looking at the daily chart, all it's done is pull back to the bottom of that regression trend channel from July of this year. That would be expected. The channel is still very much in place. Oscillators are showing heavily oversold - if you want to pay any attention to that. What's more interesting is the spike up in trading volume tonight. On the four hour chart (not shown here) we have a very clear bullish doji, which together with the spike up in volume would often give us a bullish move.
And if you're not into technicals and prefer to rely on fundamentals (which I generally do), Bitcoin Cash has jumped up 30% since the cancellation of Segwit 2. Now it starting to fall back as people take profit. We might see them jumping in here to see if they can push Bitcoin back up to the top of the channel. That would be very typical behaviour. So, all in all, both technicals and fundementals are looking very good for a long.
Never try to grab a falling knife, you will get cut. 5826.
Good advice to be sure a chara. The very bottom of that channel (5200) would be a 50% retracement from mid July. It's about 38% at the moment. I'll split my trade in two - half at each of these levels - but small positions. Stop below the channel and take profit at the top. I wouldn't be surprised to see a double top forming there, or even some kind of head and shoulders pattern. I think there'll be at least one more test of the highs before the bubble bursts.
Mysterious Bitcoin Dip-Buyer Identified
This fellow buying 20 million of bitcoin over the weekend turned it back up. He has deep pockets. However if the market in general falls then he might be caught short as well, who knows.
He must have seen my charts
Perhaps he has a bit more money than you as well.
He has a billion, tossing 20 million into a speculation is not that nerve wracking. That is his fund money so if he were to see redemptions then he would be under duress
Well, my trade is going well anyway. Didn't get the fill at 5200 of course, but half of something is better than all of nothing (or a loss).
I see that Georgia - the country - has put all its land deed register on a blockchain. But most of us associate the word blockchain with cryptocurrencies,
What happened to 8000
It is now 9200 and rising
And I didn't close out my trade
Did I see a video of the counterparty fleeing his margin call, maybe that was something else. He certainly escaped though, lol.
Closed out my Bitcoin long this morning. A move of 4K - nice work if you can get it.
The greed now is driving people demented.
They have to jump on.
Ah well, the correction should be all the nicer for us to take advantage of